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re: The Percentage of Americans With Less Than $1,000 in Savings Is Shocking
Posted on 12/20/19 at 9:14 am to PhiTiger1764
Posted on 12/20/19 at 9:14 am to PhiTiger1764
It says it right here:
Once you use your credit to buy an asset, you owe money to an outside party that you must repay, thus you have a liability.
Your car loan is a liability, as is your mortgage, student loan debt, and credit card balances.
Assets = liabilities + owner's equity. The left side of this equations must equal the right side of this equation. This is the foundation of accrual accounting. Yes, credit is a tool, but it is also a liability.
quote:
Liabilities are the money that a company (or individual) owes to outside parties.
Once you use your credit to buy an asset, you owe money to an outside party that you must repay, thus you have a liability.
Your car loan is a liability, as is your mortgage, student loan debt, and credit card balances.
Assets = liabilities + owner's equity. The left side of this equations must equal the right side of this equation. This is the foundation of accrual accounting. Yes, credit is a tool, but it is also a liability.
1
Posted on 12/20/19 at 9:32 am to Tchefuncte Tiger
quote:
Once you use your credit to buy an asset, you owe money to an outside party that you must repay,
This is called debt.
quote:
Your car loan is a liability, as is your mortgage, student loan debt, and credit card balances.
Again, this is debt. Debt is a liability.
The ability to get debt is not a liability. It is a very useful tool.
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